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Consumer Sentiment: Rebound From Record Lows

July 29, 2022
Bottom Line:  Consumer sentiment rebounded from record lows, according to the final July reading of the University of Michigan survey, proving a touch better than expected and better than the preliminary reading. Nonetheless, consumer sentiment remains near historic lows. Moreover, the index of consumers' expectations for the year ahead fell to its lowest level since the financial crisis. While inflation expectations have eased slightly, higher prices remain the biggest concern for almost all households surveyed. Concerns about the labor market softening are also becoming an issue. Overall, consumers continue to feel less wealthy as they burn savings to meet their demand for essential goods and struggle to gain pay increases quickly enough to make ends meet. And now they are increasingly concerned about their job prospects.
Consumer Sentiment
was REVISED UP by 0.4 points in late July to 51.5, compared with market expectations for  no change to 51.1.
Sentiment has deteriorated by -13.7 points over the past 3 months. With this month's slight increase, compared to June's final level of 50.0, sentiment is 36.6% BELOW its year-ago level.
Current Conditions
were REVISED UP by 1.0 points to 58.10. Current conditions are now 31.2% BELOW their year-ago level.
Consumer Expectations
were UNCHANGED at 47.3.   Expectations are 40.1% BELOW their year-ago level.
Article by Contingent Macro